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34) Asset exchange Arabia Inc. traded its fleet of rental cars for a new fleet. Two-thirds of the old fleet's original cost of $375,000 had

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34) Asset exchange Arabia Inc. traded its fleet of rental cars for a new fleet. Two-thirds of the old fleet's original cost of $375,000 had been depreciated. The new fleet is valued at $ 500,000 and Arabia was required to make a cash payment of $ 400,000. Instructions Prepare the required entr(ies) to record the exchange

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